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Redstone ranch is for sale

Lynn Burton

The 148-acre Hot Springs Ranch north of Redstone – home of the world-famous Penny Hot Spring – is on the market for $3.75 million, according to listing agent John Cook.

But the Pitkin County Open Space and Trails Board is interested in purchasing at least part of the property to ensure it isn’t developed. The property is near the top of Pitkin County’s wish list, said open space director Dale Will.

“We are very interested, but I can’t say much more than that,” Will said.

The ranch, located on Highway 133, has a colorful history that dates back to the 1890s, and a recent history that includes battles between its former owners and skinny-dippers who used the hot spring in the mid-1980s.

“It’s really not the Penny Hot Spring,” Cook said from his home in Austin, Texas. “It’s really Granite Spring.”

Hot spring use for one and all was ensured when the owners sold the ranch to former Chrysler and United Airways executive Gerald Greenwald in 1990, and Greenwald did not object to public bathing on his property.

Cook said Greenwald owns property overlooking Aspen. That’s where he eventually built his Colorado house, so the Hot Springs Ranch property was put up for sale.

Cook said the Hot Springs Ranch sale could go several ways. The parcel includes 113 acres on the east side of the Crystal River and 35 acres on the Highway 133 side.


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